The source said the deal was done at an equity value of 5.3 billion real ($1.65 billion), which implies an earnings before interest, tax, depreciation and amortisation (EBITDA) multiple of 8.5 times. Odebrecht S.A. will cash out 3.4 billion real, he added.

Odebrecht Group will retain the right to develop its water concession projects outside Brasil and Brookfield will re-brand Odebrecht Ambiental, which was named Foz until 2012.